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Definitions M

Make-whole pre-foreclosure sale

A make-whole pre-foreclosure sale is a financial transaction in which the mortgage insurer's contribution to a short payoff fully pays off the borrower’s debt.

From the SunwestCapital.net glossary:

“A short payoff becomes a “make-whole pre-foreclosure sale” when it is determined that the shortage between the net sale proceeds and the total indebtedness will be paid in cash or mortgage insurance proceeds resulting in no overall loss to the lender.”

Mortgage-backed securities

A mortgage-backed security, or MBS, is an asset-backed security where the assets are mortgages. It can either be a single security or a CDO with tranches.

From FT.com:

“mortgage-backed securities MBS”

“Securities backed by a mortgage pool. There are two basic types: pass-through securities, in which the principal and interest paid by the holders of the mortgages are distributed to investors through a government agency or other intermediary; and collateralised mortgage obligations (CMOs), in which the cash flow from the pool is divided among several classes of bonds with different interest rates and maturity dates.”